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Sensex recovers 96 points despite steep drop in L&T


Bloomberg file photo

Mumbai: Despite sharp drop in L&T, the benchmark S&P BSE Sensex on Wednesday snapped straight two-session of fall and also recovered its initial losses on late buying mainly in banking and auto counters to end up by 96 points to revisit 26,000-mark at 26,087.42.

Short-coverings by operators ahead of expiry of July contract tomorrow also aided the sentiment at the fag end.

Besides banking and auto counters, HDFC, Bharti Airtel, ITC, ONGC, Dr Reddy's Lab and Hindalco also notched handsome gains and supported the Sensex rise.

However, construction and engineering giant, Larsen and Toubro (L&T) tumbled by 7.32 points on weak first quarter earnings. The company on July 28 reported over two-fold rise in consolidated net profits because of disinvestments gain and on the business outlook it said that the domestic business environment and investment cycle continued to remain subdued during the quarter ended June 30.

However, telecom services major, Bharti Airtel, was the top gainer from the sensex pack with a rise of 5.26 per cent on excellent first quarter results. The company reported a jump of 60.9 per cent in its consolidated net profit for June quarter.

The 30-share barometer resumed lower and dipped to a low of 25,850.04, lowest since July 22, 2014, down by over 140 points. Later, it bounced back on late buying and finished at 26,087.42, a net rise of 96.19 points or 0.37 per cent.

The Sensex had plunged by over 280 points or 1.07 per cent in last two trading sessions in a row.
The wide-based 50-issue Nifty of the NSE also recovered by 42.70 points or 0.55 per cent to 7,791.40.
The overnight fall in the US market also affected the market sentiment as President Barack Obama announced new sanctions against Russia and warned its actions in Ukraine are "setting back decades of progress".

Rupee recovers
In line with the recovery in local equities, the Indian rupee also washed out early losses and closed up by seven paise at 2-1/2-week high of 60.06 against the Greenback.

Fresh dollar selling by exporters too aided the rupee rise while sustained buying by FIIs and firm dollar overseas capped the rupee rise.

At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed lower at 60.21 a dollar from Monday's close of 60.13 — the forex market was closed on Tuesday on account of Eid — and moved down further to a low of 60.24 on weak local stocks.

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